Why the Worleyparsons Limited share price just printed a 52-week high

Engineering company Worleyparsons Limited’s (ASX: WOR) shares are flying high this week, up 0.3% to $16.39 at the time of writing, a 52-week high for the stock and a rise of 46.7% from $11.17 at this time last year. Worleyparsons announced in April it had acquired German business M+W Group, with 20 staff and two offices as part of its plans to establish a strong presence in the European chemicals sector. Worleyparsons reported improving results for its first half back in February with statutory net profit of $1.4 million for the six months to December 31 2017, up from a loss…

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Engineering company Worleyparsons Limited’s (ASX: WOR) shares are flying high this week, up 0.3% to $16.39 at the time of writing, a 52-week high for the stock and a rise of 46.7% from $11.17 at this time last year.

Worleyparsons announced in April it had acquired German business M+W Group, with 20 staff and two offices as part of its plans to establish a strong presence in the European chemicals sector.

Worleyparsons reported improving results for its first half back in February with statutory net profit of $1.4 million for the six months to December 31 2017, up from a loss of $2.4 million for the previous corresponding period.

The financial results of its UK Integrated Solutions acquisition are expected to produce a higher-than-normal weighting of earnings in the second half, with Worleyparsons banking on strengthening financial positions for resources and energy companies to flow through as an increase in the company’s activity levels.

Other energy sector stocks at the top of their game include Beach Energy Ltd(ASX: BPT) which also hit a 52-week high this week, with Woodside Petroleum Limited’s(ASX: WPL) share price also on an upswing up 0.5% to $32.59 at the time of writing.

Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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